In the period prior to 16 December 1986 there were two rates of interest:

the lower interest rate (the death rate), was appropriate for:

transfers on death

potentially exempt transfers (failed PETs (IHTM04057))

tax charged under the gifts with reservation (IHTM04071) provisions (treated either as part of the transfer on death or as potentially exempt transfers (failed PETs))

the Additional Charges (IHTM14571) on an immediately chargeable transfer when the transferor dies within seven years of the transfer

any tax for which, by virtue of IHTA84/S206, only a political party was liable

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